The fast-growing breakfast/lunch segment has been ripe for consolidation and two of the largest restaurant operators did not disappoint.
First Watch Restaurants, headquartered in Florida, announced Wednesday it has acquired Colorado-based The Egg & I Restaurants.
The transaction positions First Watch as the nation’s largest and fastest-growing breakfast, brunch and lunch restaurant company with 267 restaurants in 26 states and a combined 18 under development in 2015.
Terms of the deal were not disclosed.
First Watch entered the Knoxville market in 2013 with a franchise location off Parkside Drive in Turkey Creek. The Egg & I followed in 2014, opening two restaurants in Bearden and off Lovell Road adjacent to Costco.
According to an article in the Herald-Tribune in Florida, The Egg & I restaurants will not immediately be rebranded with the First Watch name, but some restaurants will change during the next two years.
First Watch, owned by Los Angeles-based private-equity firm Freeman, Spogli & Co. since 2011, has been growing with plans to have 300 restaurants open by 2017 not including those under The Egg & I name.